Gold prices climb to another historic peak

Saigon Jewelry Company gold bar price surged by 0.3% to VND128.9 million (US$4,892.77) per tael. A tael equals 37.5 grams or 1.2 ounces.

The metal has risen by 1.58% so far this week and 53% in the year to date. It is VND19.9 million per tael higher than global bullion prices.

The State Bank of Vietnam on Tuesday ended the monopoly on gold bars, allowing eligible banks and businesses to produce bullion, which was previous limited to just SJC. Industry experts expect this will soon push local prices closer to global rates.

Gold ring rose 0.25% to VND123.1 million per tael. It has gone up 1.48% this week.

Globally, gold prices were on track for a monthly rise on Friday after striking a more than one-month peak in the previous session, supported by an overall softer dollar and increased expectations for a U.S. Federal Reserve interest rate cut in September, Reuters reported.

Spot gold was little changed at $3,412.56 per ounce. Bullion has gained 3.9% so far this month and hit its highest point of $3,423.16 since July 23 on Thursday. U.S. gold futures for December delivery were flat at $3,473.70.

The dollar weakened 0.4% overnight, and was set for a monthly drop, making the greenback-priced gold less expensive for holders of other currencies.

"The precious metal remains a popular pick with investors ahead of what is expected to be a period of looser monetary policy in the U.S. starting next month," said KCM Trade chief market analyst, Tim Waterer.